I think WBD is hands down the best of the best of Bitcoin podcasts for the majority of people and Jeff booth is the greatest educator about Bitcoin. His book is a master piece. I could listen to both of them for hours...
Even the things discussed not directly related to btc are mind expanding. The ai portion is incredible. Error correction seeking...❗️ Thanks to WBD and jb❗️This is something I can listen to again❗️
"You have regulation to protect you from a system that is designed to steal your money. What could go wrong?" Jeff Booth. I'll be turning that over in my head for weeks. Great show, Peter!
Arguably the best video on the internet. No joke. You guys have dissected this so beautifully. I never want to see myself as a thief but those who watch this are either thieves now or will be crazy not to become one of us. We must remember that with power comes responsibility. 😅
What a thinker Jeff is. He has the ability to distill concepts to simple explanations and to connect dots better than anyone I can think of. Michael Saylor may be another at his level. The challenge is to find an easy way to get people to understand these principles.
It finally clicked for me why technological deflation can not permanently coexist in an inflationary monetary system while the former seemingly enables the latter. Mind blown. Glad Dr Jeff left medicine for much more important/impactful work!
The more inflation occurs, the more folks invest in deflationary assets. The more folks invest in deflationary assets, the lesser the need for inflation.
Very nice interview, because you asked Jeff really good questions. To follow Jeffs Argumentation requires so much awareness and intelligence that it is always a bit overwhelming for me. You addressed this issue and made everything clearer to me with your questions. Thank you two so much!
Thank you Jeff. It took me 3 years to hear what you laid out here today. Your book infuriated me at first listen but now I see your thesis. I am very thankful that I have had the opportunity to have my eyes open. So cool. Thanks again for the interview.
Jeff's thesis is brilliant. Prices fall to the marginal cost of production -> The marginal cost of production is falling because of AI & Robotics -> Therefore if prices aren’t falling under the current system, that system is stealing value from those productivity gains and trickling it up to the top -> Measuring the system from the system is an inherent flaw -> The system cannot change from within -> If you measure in BTC (because it cannot be manipulated) you see the prices fall to 0
I was watching this, thinking it was a new episode. Then the dept clock flashed on screen. It confused me because I thought it was 35 trillion. One year old show, and Jeff nailed it.
This is the second time I listened to this one. I got so much more this time than the first. I will listen a third time. And a fourth. Excellent discussion.
Phenomenal interview, a lot of things are starting to click for me now too that I couldn't quite wrap my head around before. Seeing for the first time how AI plays into all this and how it is absolutely critical that we get out of the current system for the gains of AI to benefit everyone. Will need to listen to this again!
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I listen to it on repeat .... I believe you have put in place the piece I was missing to advance in my understanding of Bitcoin. No words are strong enough to thank you. I am so proud to be part of such a talented community as the Bitcoin community.
Learn so much every single time I listen to you and Jeff. Shout out to being a fellow Canadian. Jeff’s insights are so amazing. Kinda makes my head spin. In a good way. I have not stopped buying BTC. 10% of my wages go into my Ledger every time I get paid. Thanks for the great content
Great interview! Always love listening to Jeff. Do you have a visual map of the progression of events predicted in your book “The Price of Tomorrow”? This would be super helpful in explaining Bitcoin to those family members that tell me they don’t have time to look into Bitcoin and don’t have time to read your book. Just an idea I had while watching the WBD video interview with you from Apr 29, 2023.
Love Jeff! Gives me hope listening to his articulation of the complexities of the system. Also, great to hear someone bring in the oxygen narative, its the first time I've heard someone else say what I've been saying for 30yrears! Thanks Jeff, see you in Madeira!
In a world where debt is commonplace and Gov believes that it can print and solve all problems, money is abundant yet its value keeps slipping away where folks take the abundant money to chase what is truly rare with limited supply. Hence there is this phrase, I am so poor that I only left with money.
Great podcast, so much to think about and internalize. But, I have a fundamental question. If inflation is part of their master plan to reduce the debt, then why are they working so hard to squash inflation? It’s two conflicting strategies.
Satoshi put this genius idea called bitcoin at the base layer so intentions really don’t matter, whether Bukele is genius or not is irrelevant, the protocol works around our human nature …. Genius. I don’t know how Satoshi put this all together.
Ppl dont change in these hyper inflation countries because they cant, either they are spending what they have to survive, or the gov shuts down the offramps.
⏱Timestamps for this video! 0:21 - Difficulty in understanding Jeff's book 1:33 - Jeff's deflation thesis 7:56 - The system of incentives 13:25 - The thieves 15:49 - Significance of understanding the current system transition 16:57 - Inflation and its impact worldwide 18:31 - Unpalatable consequences of debt defaults 21:57 - China's Miracle and its debt to GDP ratio 29:30 - Bitcoin's unlimited units versus fixed number of units in existing system 30:38 - Inflationary periods and Bitcoin's value in dollars 32:10 - Changing current system from within is impossible 34:01 - El Salvador's use of Bitcoin 39:55 - Accelerating debt growth 43:35 - Standard or force through pricing of oil and gold 43:56 - Geopolitical game and AI 45:12 - Human intelligence as error correction and the future of AI 45:34 - AI developments 🧙♂✨ Generated with Houdini Chrome extension.
Define marginal cost of production: The marginal cost refers to the increase in production costs generated by the production of additional product units. It is also known as the marginal cost of production. Calculating the marginal cost allows companies to see how volume output influences cost and hence, ultimately, profits.
Jeff is a treasure for sure this is how I see it Recently seen an ai tractor going along a field it knows what are weeds to kill and what are crops to feed the farmers gets a map of the field Then I see a solar driven auto version no cost as no fuel or driver So cheap food for all if the farmer owns the produce But if big companies own it then its a fail as they will rig prices and we will not benefit Thoughts ?
Prices falling is not a measure of productivity. Prices often fall due to zero interest rates and prices falling due to VC and PE subsidies. Prices coming down due to many reasons.
The first digital camera brought to market cost a thousand dollars in 1990. Now, every phone has one, and most people don't bother buying a stand-alone camera. That same phone also contains a calculator, a radio, a movie player, a GPS locator, a clock, etc. None of that has anything to do with interest rates. I'm 68 years old, and I see inner city kids walking around with (in my mind) many thousands of dollars of technology in their pockets.
I'm curious to know when this was originally recorded/uploaded because this is obviously an old video because the guy giving the interview said Bitcoin was at an all-time high which it hasn't been for a year or two.
Instead of calling inflation theft, perhaps you can call it the bill to pay (interest payment) for the debt-based system. If you own other assets than fiat currency, you pay less of that bill than those who own only fiat currency (or nothing at all).
